With support from KredEx, living conditions have improved for 85,000 families
Foundation KredEx is celebrating its fifteenth anniversary today. Entrepreneurs have received EUR 1.2 billion in financing thanks to KredEx, and living conditions have improved for 85,000 families with support from KredEx.
Foundation KredEx was established in late February 2001, when the Export Credit and Guarantee Foundation, Enterprise Credit Foundation and Foundation Eesti Eluase merged.
“KredEx has played an important role in the financing of rapidly developing companies with strong business plans but without the necessary collateral or sufficient history of operations to be able to obtain bank loans. KredEx began its operations by securing loans issued by banks. In 2013, development of private and venture capital markets was added and, through funds of funds, equity investments were made available to companies with great growth potential,” said Lehar Kütt, CEO of KredEx.
Over the course of 15 years, the services of KredEx have been used by 3500 individual companies, of which 45% have done so repeatedly. With support from KredEx, 14,000 new jobs have been created and EUR 300 million has been raised in additional capital for the launching of 1500 start-up companies.
Reconstruction grants allocated by KredEx for apartment buildings and small residential buildings have improved living conditions for approximately 65,000 people in more than 1000 residences. More than 56,000 people have been able to move into their own homes with the help of housing loan guarantees from KredEx.
“Apartment building reconstruction grants support the comprehensive reconstruction of buildings, which enables savings in heating costs, improves the internal climate in and appearance of residences, extends their useful life and raises their value on the real estate market. Housing loan guarantees have enabled purchases of own homes by young people who lack the self-financing required to purchase housing,” Kütt added.
Founded in 2009, KredEx subsidiary AS KredEx Krediidikindlustus has insured receivables for buyers from 81 countries and insured companies’ sales turnovers of more than EUR 2 billion during the period of its operations.